|
|
| Click image below to enlarge. |
 |
| Source: BLS data and spreadsheet. |
| |
Over the twenty years and two recessions before President Bush took office, the economy added over 2 million jobs per year on average. Bush's Council of Economic Advisors expected this to continue. By the time of their prediction in November, the economy had lost 1.6 million jobs but they expect the job numbers to take off quickly based on their high hopes for job creation stimulated by the 2001 tax cuts. Something went terribly wrong.
The worst of the 9/11 effect was already past when they made this prediction and they certainly took the remainer into effect. Also, their prediction was not terribly optimistic, but called for only 1.86 million jobs per year on average from Jan. 2001 till now (April 2005). But they were off by miles. The economy is up by only 0.8 million not 7.9 million since January 2001.
|
|
http://zfacts.com/p/613.html | 01/18/12 07:19 GMT
Modified: Mon, 17 Apr 2006 17:51:21 GMT
|
